Would you give me a mortgage?

Sammie137

Hi hoping an adviser/broker can advise

Property valued at 100k
Will accept 80k
So need 70k mortgage (10,000 deposit)
I have ccj that falls off next dec past credit card history terrible
Other half has same ccj and bad credit
In law willing to give us deposit and guarantor possibly go on mortgage too if we needed they own there own house
We earn over £48,000 together but other half lives in overdraft so when we provide bank statements they will be awful. This offer was out of blue and we don't want to miss out as refurbished the house would get 140,000 easy
Oh and it hasn't got a kitchen but has a fully working bathroom and needs a new boiler

Advice very much appreciated

amnblog

No kitchen = No mortgage with that deposit.

Sammie137

amnblog wrote: »

No kitchen = No mortgage with that deposit.

If I put a kitchen in though would that be ok, and what constitutes a kitchen I was told just a sink? But if it's a full kitchen I assume I need to get that done before I contact a broker and complete any application forms?

amnblog

You are not buying this property on a standard mortgage. Perhaps a specialist deal with a much larger deposit of £36,000

Sammie137

amnblog wrote: »

You are not buying this property on a standard mortgage. Perhaps a specialist deal with a much larger deposit of £36,000

Even though the value is 100k and we only want to borrow 70 I would have thought it was worth the risk as the mortgage company is set to gain?

callmechar

Sammie137 wrote: »

Even though the value is 100k and we only want to borrow 70 I would have thought it was worth the risk as the mortgage company is set to gain?

Your a massive risk with your past bad credit and your partners current living in her overdraft, I think you would really struggle to get a mortgage.

Sammie137

That's what I thought ;-(

AnnieBox

I'm no expert but I think you may struggle to get a mortgage based on your circumstances alone, that's before you even consider the fact that a house in considered uninhabitable by Mortgage providers if it does not have a functioning kitchen and bathroom.

I'm a very cautious person and I had debt in the past and I was worried about it's impact so when I did my mortgage application I had a lot of questions for my broker. She used lots of examples of previous clients in situations similar to yours to reassure me that I should be fine as I have never had any defaults, no recent missed payments, no ccj's, no overdraft and no bankruptcy. Stuff like that can seemingly have a huge impact on Mortgage acceptance, thankfully my debt never got that out of hand so she thinks I should be fine.

I don't want to sound mean or too personal, like I said at the beginning, I'm no expert but if you both have ccj's, bad credit history in general and your partner lives constantly in their overdraft, you sound like a pretty risky investment.

Sammie137

We are a risk but there must be someone out there willing to give us a mortgage

GMS

Sammie137 wrote: »

We are a risk but there must be someone out there willing to give us a mortgage

Why MUST there be?

Yorkie1

The only way you will know for sure is to each get copies of all three of your credit record files and take them to a broker who specialises in bad credit mortgages.